The Daily times. [volume] (Richmond, Va.) 1886-1889, 1887-01-12
The Virginia State Debt.
To fhe People of Hirainia.

To The People Of Virgintd:
At a meeting of Virginia BOndholdcrs, con
yened by the Council of Foreign BOndhoiders,
and held on Friday. the 24th of september.
1856. ~ the CannOn-street Hotel, London,
the following resolutions were pissed unani-
luOusly
into which the bOndholders have been forced
Tor the maintenance Of their rights. and, while
asserting It's steadfast determination not 10 ac-
cent the RiddlcOcrger settlement, which. IN
view of the admitted ability Of Virginia to set
he with her creditors, and the sacrifices they
have already made ON her behalf. u considers
dishonest and unjust. hereby expresses It's
willingness 20 meet the state and entertain "a
reasonable compromise based upon the pres
cut HTatiou and tho available revenue, aIter
providing for the CONSTITUTIONS! appropriation
for government, schools, aud other pubic eA-
r~cuditurc.n
The state had the benefit o. tLe whole Of the
money she originally borrowed (s3i.0D,OJO). II
l1id the foundation OF hcr roads, railways, ana
canals. and has brought millions OF dollars
into the country. Had yoE not cunstrQctei
these public works WITH the bonthOiders
money you would have 10 Dc taxed now for
them.
80 State which borrowed money ever en-
i1yed the benefit OF its leans more lh0n Flr-
giuil has a2nc. Lsce Senate Document AAlF.
Session. lt,l-f8.I
Thc present unsettled condition OF the dob
is keeping capital ANA immigration ont " Wit
-iuia. and Hs long as matters So continue you
VIII newer N"NI4Il N4t rIN-t4NlA AiNfNA NMa "a
the State ll the way they deserve.
Tine revenue of virginia is increasing. The
last assessment shows an Increase OK S33OOU,
90 iu taxable values. Your present revenue
might Oo largely increased iI the taxes were
more carefully collected aud the present as
scssment5 on property equailzed throughout
the State.
what might have been difficult 10 DO "a few
years ago B easy now, and each year tRe bur
den viii become lighter. When the debt CUES
ton is settled capital and enterprise. which
now holds alO0f. viii flow into the state.
The settlement offered by the Aundh0ldcrS
proposes that the bonds now incXtstcuce bear
Ing aN-gCcer1Dlc coupons should 0e deposited
in some trust company; that new bonds should
OC issued iu their place, bearing no t3H-IccclN
able coupons, and no q low rare of interest.
When the state pays % haIf-yCars interest ON
the new bonds. the taX-FcCciNable coupons for
that half-ycar shall be cut OFT the old bonds 10y
the trust company. cancelled, and delivered 10
the state. my increase ON the present reVe-
nuc viii he apprOpriatcd by the state, ana
the bOn1hOldcrS viii not nave any claim on II.
There was a cash balance last July IN the
Treasury Of $4,000, and the average purchase
OF KddlcDerger 3s by the State mas been az
the rate of SG0C,O0 per an1um IN cash. Inc
state has some millions OF dollars OF assets
which would help her in arranging q settle
ment.
The bondholdcrs are rs deeply interested as
YOU are in maintaining tho credit ana prosper
ity OF your state. InCy ask Tor a tdlr nearing
ard q discussion of the question by business
men, and not by politicians, whose interest I
Is 10 prevent an understanding being arrived
at and IN honorable compromise pade.-
The best way Of bringing about this settle
meut Is for taxpayers 10 tender coupons IN
payment Of their taxes. In view OF the con
C~iiiatOry spirit and liberal offer made 10y the
creditors ] venture respectfully 10 Slomit TO
yOu that il is your moral duty, rs well as yOllr
legal right and privilege; 70 tender coupons Tor
taxes now due. JAMES +, OOPEh
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